Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

10-2021

Abstract

The real estate industry is an important aspect of China's social development and plays a pivotal role in economic growth. With the development of urbanization in my country, the supply relationship in the real estate industry has changed, consumer demand has become more rational, and the real estate industry’s financial and investment attributes have been superimposed on the influence of the real estate industry. The competition among small and medium real estate companies with relatively weak resource endowments has become increasingly fierce. Some land expansion models can no longer adapt to the development of the new situation. How to survive and develop under the severe policy and economic situation has become a difficult problem that many small and medium real estate companies have to face. Exploring new growth models and finding new growth engines for enterprise development has become an urgent task for small and medium real estate companies.

Faced with many challenges from changes in policies and market demands, small and medium real estate companies can only get a breakthrough opportunity if they break through the shackles of the original development model and actively develop new businesses and build their own core competitiveness. In order to achieve business innovation and development, small and medium real estate companies have to face the following questions: (1) Can the concept of value co-creation be applicable to the business development and innovation needs of small and medium real estate companies? (2) Under what environmental situation, small and medium real estate companies need to innovate in business development? (3) What successful experience can we learn from the use of value co-creation for business development and innovation? (4) What benefits can be obtained by using value co-creation for business development and innovation?

The value co-creation theory emphasizes that multiple participants can solve problems through resource integration and multi-party interaction. This theory can enhance the participation of consumers, which is consistent with the inherent needs of China's real estate enterprises for business development and innovation. Therefore, this study selects typical successful companies, refines their business development innovation models from the perspective of value co-creation, and answers the above four questions, hoping to provide useful experience for the business innovation of small and medium-sized real estate companies in China. The main research ideas are as follows: First, the second chapter of this article uses the method of reviewing the literature to demonstrate whether the concept of value co-creation can be applied to the development needs of small and medium-sized real estate companies; Conduct an in-depth and systematic analysis of the external and internal environment of the company to clarify the necessity and feasibility of business development and innovation for enterprises; again, Chapter 5 of this article conducts business development and innovation practices using value co-creation from three perspectives Analyze and summarize the typical experience of small and medium-sized real estate companies in business innovation. Finally, Chapter 6 of this article discusses whether the core competitiveness of the company has been established, the effectiveness of corporate brand value enhancement, and customer relationship management. The effect is evaluated.

This study selects Yunnan Strength Group to carry out case studies. Taking the “Dali Small Yard” project as the entry point, it proposes to establish a conceptual model of business innovation in the real estate industry based on the concept of value co-creation, and studies Yunnan Strength’s business innovation practices based on the concept of value co-creation. The reason, process and effect of

(1) Analyze the internal and external environment of Yunnan Strength Group's business innovation. The analysis of the external environment shows that China's real estate industry has shifted from a stage of rapid development to a stage of steady growth. The concentration of China's real estate industry continues to increase, and the living space of small and medium-sized real estate companies is getting smaller and smaller. The internal environment analysis shows that the asset scale and sales of Yunnan Strengthful companies are at the middle level in the industry, and the ability to resist market risks is poor. However, the company focuses on the cultural and tourism real estate sector, deeply cultivates the Yunnan market, and has mature cultural and tourism real estate operating capabilities and brands. Operating capabilities, as well as a variety of supporting cultural and tourism real estate projects. Therefore, China's small and medium-sized real estate companies must focus on a single business to innovate through value co-creation, avoid horizontal diversification, and develop vertical diversification around their core businesses. At the same time, companies also need certain brand management capabilities.

(2) Analyze the specific practice of Yunnan Strength Group's business innovation. Based on the value co-creation of China's real estate industry business innovation conceptual model constructed in this article, from the value co-creation activities between Yunnan Strength and the three major stakeholders of consumers, construction companies and property companies, the concept of value co-creation based on Yunnan Strength Company is refined. The typical experience of business innovation has proved the effectiveness of the company's business innovation activities with the concept of value co-creation. Specifically: First, according to the typical experience of the value co-creation of enterprises and consumers, the most important thing for real estate projects is to accurately locate target customers; to recognize the shortcomings of traditional research methods, and to use various effective methods to understand The real needs of customers; actively respond to customer needs after understanding the needs of customers, and service levels that exceed customer expectations can quickly improve customer satisfaction. Second, according to the typical experience of enterprises and construction companies in value co-creation, we can know that the work of construction companies can be forwarded, the design can be more in line with customer needs and cost-saving; the innovative small-step fast running mode can achieve rapid products Iterative upgrade; choosing like-minded partners is very important. Third, according to the typical experience of enterprises and property companies in value co-creation, it can be seen that providing diversified services can improve customer satisfaction; the market-oriented cooperation between the project development team and the property can help improve the efficiency of community services; and continuously adjust the income The sharing model can maximize the interests of all parties involved.

(3) Analyze the effects of business innovation of Yunnan Strength Group. Research has shown that value co-creation can significantly enhance the core competence, brand value and customer experience of an enterprise. The improvement of corporate core capabilities is mainly manifested in the improvement of marketing capabilities, product innovation capabilities, and internal operation and management capabilities; the improvement of brand value is mainly manifested in the improvement of corporate brand influence and brand management capabilities; corporate customer relationships The performance of the improvement is to drive the growth of overall sales performance, improve the level of corporate customer service, and improve customer satisfaction.

Keywords

value co-creation, real estate, development model, innovation

Degree Awarded

Doctor of Bus Admin (CKGSB)

Discipline

Finance | Finance and Financial Management

Supervisor(s)

TAN, Wee Liang

First Page

1

Last Page

196

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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